G20 urged: Fulfill $100 billion promise to vulnerable countries

MANILA, Philippines — If only member-economies of the G20 make good on their promise to provide $100 billion in annual financing support to “vulnerable countries” like the Philippines, then the impact of climate change will definitely be mitigated, a congressman said.

“They cannot discuss climate change without discussing how to secure the funding for the adaptation and mitigation programs that developing countries need to be implementing now. Trust and good faith are important elements in any negotiation,” Rep. LRay Villafuerte said.

He noticed that trust and good faith are “fast eroding in COP26 (the 26th UN Climate Change Conference of the Parties) unless the developed countries make good on their commitment to channel $100 billion a year to developing countries by 2022 for climate adaptation and mitigation measures.”

The pledge was made during COP15 held in 2009.

Villafuerte said the ongoing COP26 highlights this key aspect of fighting climate change that has been exacerbated by developed economies which contribute the most greenhouse gas emissions and are largely responsible for global warming.

Villafuerte also echoed the sentiments of UN Secretary-General Antonio Guterres.

The time has passed for diplomatic niceties. If governments especially G20 governments do not stand up and lead this effort, we are headed for terrible human suffering, he said, quoting the UN chief.

Villafuerte said he agreed with Guterres that the old carbon-burning model of development is a death sentence for economies and planet Earth.

He said the disasters that have struck climate-vulnerable countries like the Philippines and even rich countries like the US as an offshoot of the now erratic weather patterns are merely a preview of what the whole world will experience in the near future.

Villafuerte also agreed with the position taken by Finance Secretary Carlos Dominguez III – head of the Philippine delegation to COP26 – that developed economies should scale up their carbon-reduction targets, given that they are the world’s top greenhouse gas emitters.

The former three-term Camarines Sur governor said he is fully aware of the devastating effects of super typhoons and other ill effects of climate change, especially on coastal communities. — Edu Punay